Mortgage - How to approach it right?

kamilanwar

I've just come back to the UK after 3 years. My wife and i are now settled in the UK. My wife is employed since Feb-2015 at £19,200 per year and i have just secured a job this month at £30,000 per year. We've got savings of about £20,000 and we are planning to get a mortgage in Manchester. Recently, when i checked my wife's scores at noddle, it was at 3/5 and i was at 2/5, so i cleared my credit card by 80%, and closed my planned overdraft immediately after paying in around £1400. My question is:

1. How long do i wait before i apply?
2. Can i apply after 3 months with 3 months of payslips? (i won't get a P60 until April 2017).

Any other points to consider?

Thanks

Thrugelmir

Complete Electoral roll registration history since you've returned.

Bonfire_Bride

Your score really isnt important at all.


The information held on your file is. Electorol info (as stated above) needs to be evident. If you have an adverse on file or if your case isn't completely straightforward, then get a broker.

minimike2

When you say "Just" returned to the UK, how recent is just? Without two years residency this will limit the number of lenders willing to assist.

kingstreet

1. You don't have to. Some lenders will accept you now.

2. Yes, or earlier. Subject to lender criteria.

You should speak to an independent broker about your current and future options. As mm says, you will have limited lender options until you have three years back in the UK.

kamilanwar

I came to the UK in 2008 on a student visa, then switched to Post Study (Work) visa in 2011. I left the UK in 2013 (Sep) and now i've come back in 2016 (Sep) on a spouse visa. I am married now, with one dependent born this month. Also, completed my electoral roll registration. I've never defaulted, have had credit cards and overdrafts (planned) all paid in time and settled properly. Now since i have to apply for a mortgage, i've closed my OD account, paid all my credit cards so nothing is due. Do you suggest i should speak to a broker now to get the process started with only 1 payslip or should i wait for 6 months and then apply?

I am staying in a rented room now, and really want to get the mortgage sorted out so that i can pay mortgage instead of £650 rent (which i will have to if i rent a house)

muhandis

Assuming that you are on a time limited visa (at least for now), your lending options will be restricted to those lenders that lend to non-EU nationals on a non-ILR immigration status and also the expiry date shown on your BRP/visa. Once you get settlement, you get equal treatment.

We were in a similar position as you, about 2 years from ILR, and decided to keeping saving until ILR before looking to buy. However, that was also because my income was structured as basic+varying quarterly bonus+varying monthly commission and so my pool of potential lenders was already limited.

If you are determined to buy soon, I would speak to a broker now. The worst that can happen is that he/she'll ask you to come back in a few months, no harm done.

If you're in London like me, all the big broking firms see buyers on all kinds of visas very often, so they should be able to give you good advice.

Good luck, do let us know how you get on.

kamilanwar wrote: »

I came to the UK in 2008 on a student visa, then switched to Post Study (Work) visa in 2011. I left the UK in 2013 (Sep) and now i've come back in 2016 (Sep) on a spouse visa. I am married now, with one dependent born this month. Also, completed my electoral roll registration. I've never defaulted, have had credit cards and overdrafts (planned) all paid in time and settled properly. Now since i have to apply for a mortgage, i've closed my OD account, paid all my credit cards so nothing is due. Do you suggest i should speak to a broker now to get the process started with only 1 payslip or should i wait for 6 months and then apply?

I am staying in a rented room now, and really want to get the mortgage sorted out so that i can pay mortgage instead of £650 rent (which i will have to if i rent a house)